Dubai Culture launches Blockchain-powered Digital Bank for Art

Dubai Culture & Arts Authority (Dubai Culture), the Emirate’s dedicated entity for culture, arts and heritage, is engaging the public to involve them in strengthening its innovative ‘Dubai ArtBank’ initiative during the 12^th edition of Art Dubai, which took place from 21^st to 24^th March 2018. The ‘Dubai ArtBank’ has introduced an innovative new model for managing art collections and transacting in creativity and art as bankable assets through a new Dubai Art crypto-currency. It is Dubai Culture’s response to the ‘Dubai 10X’ initiative, which seeks to place Dubai Government entities 10 years ahead of the rest of the world in all sectors, propelling Dubai into the future by implementing today what other cities around the world will be implementing 10 years from now.

Saeed Al Nabouda, Acting Director General of Dubai Culture & Arts Authority, commented: "We have launched the ‘Dubai ArtBank’ to support the ‘Dubai 10X’ initiative announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum at the World Government Summit 2017, and implemented under the leadership of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Board of Trustees for the Dubai Future Foundation. Art Dubai provides us with an ideal platform for reaching out to the public and gathering feedback because it is attended by an international audience of arts sector experts. This will provide us with a wealth of global feedback while also allowing us to tap into the views of the local creative community. We are confident that this will strengthen the ‘Dubai ArtBank’ and our efforts to actively embrace disruptive innovation in the sector."

Dubai Culture’s engaging Art Dubai stand features an ‘Ideas Bank’ where visitors can share their ideas about Dubai Culture’s ‘Dubai 10X’ initiative, as well as feedback to a variety of questions related to the arts and culture sectors. The questions have been designed to encourage the public to share their opinions about the ‘Dubai ArtBank’ so that Dubai Culture can develop the initiative in line with the creative community’s needs, and take their opinions on topics including ‘How can we sustain and grow the creative community in the UAE?’, ‘What do artists need to develop their careers?’, ‘How can we develop critical discourse around art and culture?’, ‘How can collections be shared and viewed by more people?’ and ‘What role do you think technology should play in the arts?’ In line with Dubai Culture’s mandate to drive the creative economy, the feedback will be used to support the sustainable development of the local arts sector in the digital era.